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Option #1 To Avoid Foreclosure: Forbearance

By Ben Curry

Jacksonville FL – A forbearance is when you catch up all your back payments and continue paying your original mortgage payment. This is a good option for many. However, it doesn’t reduce your payment as much as a loan modification does.

Most lenders are glad to negotiate a forbearance. The one advantage is that the process is much shorter. You avoid the lengthy and troublesome loan modification process. A forbearance can normally be approved in two weeks to a month. Contrast this with the one to six month process associated with loan modifications.

The big drawback with a forbearance is that it doesn’t reduce your payments. In fact, the first 12 months are tough. Here is why. You are re-paying the back payments during those 12 months.

This means your monthly payment actually increases. If you were paying $800 a month before, you are paying $1,150 during the forbearance. Many homeowners accept a forbearance only to default because they can’t afford the higher payments.

A good loan modification is what they really need. However, the lender will be reluctant to approve it. Why? Because they already defaulted on the forbearance. This is why I recommend you only ask for a forbearance if you can afford the higher payment.

Was the original reason you defaulted because you could not afford the payment? In this case, a loan modification is a better option. Our loan modification kit has the instructions you will need to get a loan modification approved.

To get more info go to

Thanks for reading this, Chris Curry.

Chris is a real estate agent at Keller Williams Realty.

Phone: (386) 719-2330.

Chris Curry and his team specializes in loan modification assistance and short sales in Jacksonville Florida. Jacksonville Loan Modification Help, Jacksonville Short Sales, Jacksonville Loan Modification.

Learn more about keyword #1. Stop by Ben Curry’s site where you can find out all about keyword #2 and what it can do for you.

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Article Citation
MLA Style Citation:
Curry, Ben "Option #1 To Avoid Foreclosure: Forbearance." Option #1 To Avoid Foreclosure: Forbearance. 6 Jul. 2010. 17 Jul 2014 <>.

APA Style Citation:
Curry, B (2010, July 6). Option #1 To Avoid Foreclosure: Forbearance. Retrieved July 17, 2014, from

Chicago Style Citation:
Curry, Ben "Option #1 To Avoid Foreclosure: Forbearance"

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